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INVESTMENT SECURITIES (Tables)

6 Months Ended

Sep. 30, 2021

Schedule of amortized cost and approximate fair value of investment securities

The amortized cost and approximate fair value of investment securities consisted of the following at the dates indicated (in thousands):


			Gross		Gross		Estimated
	Amortized		Unrealized		Unrealized		Fair
	Cost		Gains		Losses		Value
September 30, 2021
Available for sale:
Municipal securities	$	44,244	$	282	$	(606)	$	43,920
Agency securities		47,073		24		(409)		46,688
Real estate mortgage investment conduits⁽¹⁾		53,646		276		(588)		53,334
Residential mortgage-backed securities ⁽¹⁾		92,512		958		(671)		92,799
Other mortgage-backed securities ⁽²⁾		41,157		632		(306)		41,483
Total available for sale	$	278,632	$	2,172	$	(2,580)	$	278,224

Held to maturity:
Municipal securities	$	10,379	$	9	$	(340)	$	10,048
Agency securities		10,658		—		(213)		10,445
Real estate mortgage investment conduits ⁽¹⁾		18,017		—		(264)		17,753
Residential mortgage-backed securities ⁽³⁾		20,806		—		(242)		20,564
Other mortgage-backed securities ⁽²⁾		12,249		—		(352)		11,897
Total held to maturity	$	72,109	$	9	$	(1,411)	$	70,707


			Gross		Gross
	Amortized		Unrealized		Unrealized		Estimated
	Cost		Gains		Losses		Fair Value
March 31, 2021
Available for sale:
Municipal securities	$	23,883	$	238	$	(555)	$	23,566
Agency securities		25,996		5		(686)		25,315
Real estate mortgage investment conduits ⁽¹⁾		55,826		469		(480)		55,815
Residential mortgage-backed securities ⁽¹⁾		71,787		1,075		(614)		72,248
Other mortgage-backed securities ⁽²⁾		39,022		514		(176)		39,360
Total available for sale	$	216,514	$	2,301	$	(2,511)	$	216,304

Held to maturity:
Municipal securities	$	10,391	$	—	$	(509)	$	9,882
Agency securities		7,688		—		(220)		7,468
Real estate mortgage investment conduits ⁽¹⁾		9,207		—		(141)		9,066
Residential mortgage-backed securities ⁽³⁾		6,175		—		(119)		6,056
Other mortgage-backed securities ⁽²⁾		6,113		—		(365)		5,748
Total held to maturity		39,574	$	—	$	(1,354)	$	38,220

(1)	Comprised of Federal Home Loan Mortgage Corporation (“FHLMC”), Federal National Mortgage Association (“FNMA”) and Ginnie Mae (“GNMA”) issued securities.

(2)	Comprised of U.S. Small Business Administration (“SBA”) issued securities and commercial real estate (“CRE”) secured securities issued by FNMA.

(3)	Comprised of FHLMC and FNMA issued securities.

Schedule of contractual maturities of investment securities

The contractual maturities of investment securities as of September 30, 2021 are as follows (in thousands):


	Available for Sale				Held to Maturity
			Estimated				Estimated
	Amortized		Fair		Amortized		Fair
	Cost		Value		Cost		Value
Due in one year or less	$	—	$	—	$	1	$	1
Due after one year through five years		9,533		9,610		13		13
Due after five years through ten years		78,612		78,730		17,725		17,300
Due after ten years		190,487		189,884		54,370		53,393
Total	$	278,632	$	278,224	$	72,109	$	70,707

Schedule of temporarily impaired securities, fair value and unrealized losses

The fair value of temporarily impaired investment securities, the amount of unrealized losses and the length of time these unrealized losses existed are as follows at the dates indicated (in thousands):


	Less than 12 months				12 months or longer				Total
	Estimated				Estimated				Estimated
	Fair		Unrealized		Fair		Unrealized		Fair		Unrealized
September 30, 2021	Value		Losses		Value		Losses		Value		Losses

Available for sale:
Municipal securities	$	37,869	$	(606)	$	—	$	—	$	37,869	$	(606)
Agency securities		35,685		(409)		—		—		35,685		(409)
Real estate mortgage investment conduits ⁽¹⁾		36,942		(588)		—		—		36,942		(588)
Residential mortgage-backed securities		52,675		(671)		—		—		52,675		(671)
Other mortgage-backed securities ⁽²⁾		13,796		(288)		1,331		(18)		15,127		(306)
Total available for sale	$	176,967	$	(2,562)	$	1,331	$	(18)	$	178,298	$	(2,580)

Held to maturity:
Municipal securities	$	6,343	$	(340)	$	—	$	—	$	6,343	$	(340)
Agency securities		10,445		(213)		—		—		10,445		(213)
Real estate mortgage investment conduits ⁽³⁾		17,753		(264)		—		—		17,753		(264)
Residential mortgage-backed securities ⁽⁴⁾		20,547		(242)		—		—		20,547		(242)
Other mortgage-backed securities		11,897		(352)		—		—		11,897		(352)
Total held to maturity	$	66,985	$	(1,411)	$	—	$	—	$	66,985	$	(1,411)

March 31, 2021

Available for sale:
Municipal securities	$	17,529	$	(555)	$	—	$	—	$	17,529	$	(555)
Agency securities		23,306		(686)		—		—		23,306		(686)
Real estate mortgage investment conduits ⁽¹⁾		25,462		(480)		—		—		25,462		(480)
Residential mortgage-backed securities		33,164		(614)		—		—		33,164		(614)
Other mortgage-backed securities ⁽²⁾		5,856		(125)		2,225		(51)		8,081		(176)
Total available for sale	$	105,317	$	(2,460)	$	2,225	$	(51)	$	107,542	$	(2,511)

Held to maturity:
Municipal securities	$	9,882	$	(509)	$	—	$	—	$	9,882	$	(509)
Agency securities		7,468		(220)		—		—		7,468		(220)
Real estate mortgage investment conduits ⁽³⁾		9,066		(141)		—		—		9,066		(141)
Residential mortgage-backed securities ⁽⁴⁾		6,035		(119)		—		—		6,035		(119)
Other mortgage-backed securities		5,748		(365)		—		—		5,748		(365)
Total held to maturity	$	38,199	$	(1,354)	$	—	$	—	$	38,199	$	(1,354)

(1)	Comprised of FHLMC, FNMA and GNMA issued securities.

(2)	Comprised of SBA issued securities.

(3)	Comprised of FNMA issued securities.

(4)	Comprised of FHLMC and FNMA issued securities.